grafting is done to control the height and the vigour of the tree in question so the bottom rootstock is of a variety known to fit to the size wanted for the purpose while the top is the variety of fruit wanted so growing trees from seed can be done but you wont know how big it will get or how productive it will be. and some get big! 
You can have fun with home grown from seed trees in any case .. try grafting on several sicons of different varieties of the same fruit . ie ., coxes, russett , bramley greves etc etc.
Whilst your from pip tree may well have a 20 foot height if it eaches maturity height you can keep it pruned low to say 6 foot like an umbrella and have all the grafted varieties within easy reach .
if you do it with plums you can end up with self pollenating trees and several varieties on each tree such as Pershore egg ( prolific producer ) Green guage and Victoria
As a matter of fact does anyone have a Russet tree that they would consider sending me a sicon from ( I'll pay the post ), put it in some bubble wrap and enclose the heel end in a small poly bag of damp moss then slip in a length of sink waste pipe cut to size and sealed up athe ends with duct tape.
I think there is still time for me to graft one on one of my greeves trees?